Cars rental prices are rising across the country, but one area is experiencing the biggest jump in prices.
The price of a car in Phoenix is rising the fastest in the country and that’s because there are too many cars available.
The median car rental rate in Phoenix, Arizona is now $1,900 per week, according to a new report from real estate firm RealtyTrac.
The average car rental cost in Phoenix for the past three months is $1.29 per week.
In New York, a car rental costs $1 per week in New York City, while in Las Vegas, a $1 car rental is the median price.
“Phoenix has a very diverse housing stock, and many people are choosing to rent a car instead of a home,” RealtyTrac vice president of research Michael Purdy said in a press release.
“But there’s also a need for affordable, reliable car rental options.”
According to the report, Phoenix has seen the largest increase in car rental prices in the past year.
There are now 1,822 car rentals available, and the median rental price is $900 per month, up by 20.4 percent.
“The most common reasons for car rentals are a lack of space, limited availability, or a lack, or an inability to find a good car rental car in a safe and convenient location,” RealityTrac chief economist John S. Gourlay said.
“However, there are also many other reasons that people may want to rent, such as retirement, family, or other personal needs.”
The median price of the average car is $9,845, and if you’re renting a car, it may be too expensive to pay the full cost of the car, according the report.
“If you’re looking for a car that will be your primary car for the foreseeable future, consider a one-year rental with a $3,000 down payment,” Sargeant said.